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On June 19, Minister of Commerce Wang Wentao met with Canadian Minister of Industry Jolly, Prime Ministers Secretary to Parliament Blois, and representatives from the business community in Beijing on June 18. The two sides exchanged in-depth views on China-Canada economic and trade relations, the development of Canadian-invested enterprises in China, and key economic and trade concerns. Wang Wentao stated that both sides should fully leverage the China-Canada Joint Economic and Trade Commission mechanism as the main channel for economic and trade cooperation, consolidate the momentum of cooperation in traditional industries, vigorously expand cooperation in emerging and future industries, and strengthen the bonds of common interests. China has always valued the opinions of foreign investors and is willing to work with Canada to extend the list of cooperation and shorten the list of issues through candid dialogue and pragmatic cooperation, thereby promoting the healthy, stable, and sustainable development of China-Canada economic and trade relations.Market news: Early users of Anthropic Mythos retain access despite the U.S. governments restrictions.Abu Dhabi National Oil Company: Crude oil can be supplied through loading schedules starting April 27.June 19th - Investinglive analyst Eamonn Sheridan stated that market movements, including those of oil and the US dollar, shifted due to the cancellation of Vances trip, revealing previous market expectations: the early setbacks caused by Israel have led the market to reassess the process. The 60-day countdown to the nuclear negotiations following the Memorandum of Understanding has begun, but the first meeting is still unscheduled, a worrying situation for a process that cannot tolerate procedural delays. If the Geneva talks fail to convene in time, the risk premium flowing out of crude oil after the reopening of the Strait of Hormuz will face partial reconstruction. The current situation is clear: neither side will travel to Switzerland—at least not yet—and the significant differences in their respective reasons indicate that the root of the friction goes far beyond the logistical issues mentioned by the White House.June 19th - Data shows that foreign exchange traders, including hedge funds, are buying options in large quantities, betting on a further strengthening of the US dollar following hawkish signals from the Federal Reserve this week, which reinforced expectations of a US interest rate hike. According to traders, leveraged funds began buying dollar call options on Wednesday, with these options appreciating in value if the dollar strengthens. This demand continued into Thursday as investors digested new Federal Reserve Chairman Warshs anti-inflationary remarks. Tobias Jungmann, head of FX options for the Americas at Bank of America, said, "Were seeing massive buying of dollar call options, primarily in G-10 currencies. Given the current low implied volatility, establishing long dollar positions through options looks very attractive." James Swindell, senior FX options trader at Barclays in London, said, "Were seeing significant demand across the board for dollar call options, particularly in EUR/USD and GBP/USD."

USD / CAD Price Analysis: As US Inflation decelerates, the recovery move to approximately 1.3700 appears vulnerable

Daniel Rogers

Mar 15, 2023 11:45

 USD:CAD.png

 

After declining to approximately 1.3650, the USD / CAD pair has made a less certain rebound move. A deceleration in U.S. inflation suggests a further decline in demand for safe-haven assets in the aftermath of the Silicon Valley Bank (SVB) failure, putting the Loonie asset in jeopardy near 1.3700.

 

According to CNBC, Moody's Investors Service has lowered its prognosis on the entire banking system from stable to negative, causing S&P500 futures to decline in the early Asian session. The situation reveals a minor pessimism in the general risk-taking disposition.

 

As US inflation continues to decline, the Federal Reserve (Fed) will likely continue to raise interest rates at a slowing rate. Inflation in the United States is falling in accordance with expectations, so Fed Chairman Jerome Powell should not hurry to tighten monetary policy further.

 

USD / CAD has recovered after detecting a cushion close to the horizontal support derived from the March 1 high at 1.3659 on a two-hour scale. The dearth of conviction and fortitude in the US Dollar's recovery increases the likelihood of further asset losses.

 

The 20-period Exponential Moving Average (EMA) at 1.3710 may continue to act as a barrier for the US Dollar.

 

In the interim, the Relative Strength Index (RSI) (14) has protected the decline into the bearish 20.00 to 40.00 range. However, the negative bias is still evident.

 

A conclusive breach of the low of March 14 at 1.3652 would push the currency toward the low of March 07 at 1.3600, then the low of March 03 at 1.3555.

 

In an alternative scenario, a confident recovery above the high of March 14 at 1.3750 would propel the major toward the highs of March 13 above 1.3800 and March 09 at 1.3835.


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